On Tuesday, the Office of the Special Inspector General charged with auditing the government's Troubled Asset Relief Program (TARP), which bailed out among others General Motor and the Chrysler Group, came out with a report criticizing the U.S. government for failing to implement salary caps.
To brief you up, back in 2008, the U.S. government used US$700 billion under Tarp to bailout more than 700 institutions from which seven companies stood out due to the amount of money they received and the nature of their bailouts.
The seven companies that received so-called "exceptional assistance" were General Motors, the Chrysler Group, Ally Financial (formerly GMAC, Inc.), AIG, Bank of America, Chrysler Financial Services and Citigroup.
Although using taxpayers’ money to bailout privately owned institutions was an issue debated for a long time, as it turns out, saving those companies and thousands of American jobs was not the only issue on hand.
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